An unnamed pension scheme has completed a £47.5m buy-in deal with Canada Life, covering 355 deferred and 207 pensioner members.

Gallagher acted as broker and project manager for the transaction, working alongside Aon as scheme actuary and administrator.

Osborne Clarke LLP acted as legal adviser and Schroders provided investment advice to the trustees.

The scheme trustees selected Canada Life as its bulk annuity provider following a competitive tender process that involved four insurers.

Gallagher said that it worked closely with the trustees and advisers to ensure that the scheme was prepared for the transaction, a process that included addressing salient data issues and refining the overall investment strategy.

Early in the process, Gallagher supported the trustees and sponsor to establish a definitive price objective, which involved regularly tracking pricing alongside a “significant” financial commitment from the parent company.

Gallagher added that the deal moved at a “quick pace”, progressing from the receipt of initial quotations to completion in just over five weeks.

Capital Cranfield Trustees independent trustee and scheme chair of trustees, Kevin Wesbroom, commented: “I am delighted we have secured the benefits for all remaining uninsured members of the scheme with Canada Life.

“Market movements and a significant injection from the sponsoring employer have made this possible, but getting to this stage was a real team effort.

“I would like to thank Gallagher for their diligent stewardship and excellent project management, as well as Osborne Clarke and Aon for the significant role they played in the legal and actuarial aspects of the transaction, and Canada Life for their engagement and transparency throughout this process.

“We are all excited to continue towards the scheme’s long-term objective.”

Canada Life business development director, bulk purchase annuities, Shreyas Sridhar, added: “It is fantastic to have partnered with the trustees on this transaction, which has demonstrated our capability to work with schemes with significant deferred populations.

“Collaborating with Gallagher as the appointed risk transfer broker ensured a transparent process which was executed in a timely manner, resulting in a good outcome for the client.”

Also commenting on the transaction, Gallagher head of risk transfer, Mark van den Berghen, said the firm was delighted to have executed a buy-in for the scheme with Canada Life.

“Our close collaboration, powered by innovation, meant that we could swiftly conclude the transaction,” he continued.

“This is a fantastic outcome, and proof of what can be achieved in our industry when we come together.

“This transaction shows that there continues to be the opportunity for schemes of all sizes to secure excellent pricing and meet trustees’ objectives.”

---